With reference to 'Economics' which statement is correct?1. Economics is an area where people, society and government prioritize their choices in the process of using the infrequent reserves to satisfy the various needs and wants of life.2. Economics is considered an exercise in the space- time continuum.3. Economics is considered an exercise in the time continuum.

• A. 1 only
• B. 1 and 2
• C. 3 only
• D. 1, 2 and 3